The European Fund for Southeast Europe (EFSE) provided a USD 20 million loan to AccessBank to support economic development and entrepreneurship in Azerbaijan. The loan will be utilized by the bank for financing micro and small enterprises (MSEs) in rural areas of the country. It will help AccessBank provide more than 6,000 additional microloans and strenghten its ability to provide longer‐term investment loans to match the financing needs of MSEs.
“With its strong focus on micro and small enterprises as well as with its leading market position, AccessBank has proved a reliable partner in reaching out to the EFSE’s target group. Since becoming an EFSE partner lending institution in 2011, AccessBank has consistently and successfully leveraged EFSE’s funding to achieve our common goals by providing over 18,000 sub‐loans to MSEs in Azerbaijan,” said Monika Beck, Chairperson of the Board of EFSE. “We strongly welcome this significant commitment from the EFSE. The funds will be utilized by the Bank to support a large number of micro and small local entrepreneurs in particular in the regions of Azerbaijan,” said Michael Hoffmann, CEO of AccessBank.